Innovate Logistics says a loss last year should be viewed in the context of a strong performance by the group as a whole. Stephen Savage, director at Nottingham-based Innovate Logistics, which manages temperature-controlled warehouses, says Innovate Holdings - which includes Innovate Property, Innovate Office, Innovate Refrigeration and Innovate Rail - performed well.
"If you look at the financial performance of all of our companies put together, Innovate is performing very strongly," Savage
tells Motor Transport. Pre-tax loss for Innovate Logistics climbed to £1.5m in the year to March 2006 from £515,464 in 2005. Operating loss also rose to £1.5m in 2006 from £522,050 the previous year. Turnover for 2006 was £1.8m.
Icelandic shipping and freight giant Eimskip has a 55% shareholding in the group, which operates 19 distribution centres, 550 trucks and employs more than 2,000 staff. The firm has swallowed several smaller haulage firms and its most recent acquisition was Corby Chilled Distribution last October. "The logistics side of the business is growing, as seen with the recent purchase of Corby," says Savage.
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